Friday, 28 February 2020 09:27 WIB |
ENERGY |Minyak WTI
WTI bears dominate near $46.60, down 0.30%, during the early trading session on Friday. The black gold dropped to the lowest since early-January 2019 the previous day amid fears that coronavirus (COVID-19) will weigh on the global energy demand. However, the escalation of Turkey-Syria tension and Saudi Arabia™s push for more production cuts are likely to offer the latest pullback moves.
Coronavirus has been the key pandemic weighing over the global trading sentiment off-late. The increase in cases from South Korea and Italy were the initial triggers while the latest first-ones in the list, including the US, propelled the risk-off afterward.
Oil traders will now keep eyes on the Coronavirus updates for near-term direction while the US Baker Hughes Rig Counts, prior 679, can also offer intermediate moves.
A sustained downside below the recent bottom of surrounding $45.95 can fetch the energy benchmark towards $44.50 ahead of highlighting 2018 low close to $42.00.